Steam Turbine Market Size Worth $19.5 Billion by 2030: Grand View Research, Inc.

Read 73-page market research report, "Steam Turbine Market Size, Share & Trends Analysis Report By Capacity (<150 MW, 151 - 300 MW, >300 MW), By End-use (Power & Utility, Industrial), By Region (North America, Europe, APAC, CSA, MEA), And Segment Forecast, 2022 - 2030", published by Grand View Research. Read 73-page market research report, " Steam Turbine Market Size, Share & Trends Analysis Report By Capacity (<150 MW, 151 - 300 MW, >300 MW), By End-use (Power & Utility,...

Read 73-page market research report, "Steam Turbine Market Size, Share & Trends Analysis Report By Capacity (<150 MW, 151 - 300 MW, >300 MW), By End-use (Power & Utility, Industrial), By Region (North America, Europe, APAC, CSA, MEA), And Segment Forecast, 2022 - 2030", published by Grand View Research.

Steam Turbine Market Growth & Trends

The growth of Industrial segment of the market can be attributed to the increased industrial activities across the world. Steam turbines are employed in industrial applications in the form of CHP units. These units offer better efficiency than single units and produce outputs in multiple ways. Steam turbines are widely used for CHP applications in Europe. Extraction-condensing type steam turbines are used in large industrial CHP applications. These turbines are deployed in combined-cycle plants wherein they extract a portion of the steam for the process.

The increasing installations of thermal power generation units in China and Southeast Asian countries are expected to fuel the growth of the market in coming years due to increase in energy demand. China, being rich in coal reserves, still focuses on coal-fired power plants despite their hazardous impact on the environment. In India, the market is anticipated to witness promising growth once the internal issues related to coal reserves in the country get resolved.

The global spread of the COVID-19 disrupted supply chains and sharply curtailed demand for commodities worldwide. The restrictions imposed on the supply and transportation owing to slowing down or halting of operations of factories due to partial or complete lockdowns in different countries to contain the spread of coronavirus negatively impacted the growth of the market worldwide.

Steam Turbine Market Segmentation

Grand View Research has segmented the global steam turbine market on the basis of capacity, end-use, and region:

Steam Turbine Capacity Outlook (Volume, MW; Revenue, USD Million, 2019 - 2030)

Steam Turbine End-use Outlook (Volume, MW; Revenue, USD Million, 2019 - 2030)

Steam Turbine Regional Outlook (Volume, MW; Revenue, USD Million, 2019 - 2030)

List of Key Players of Steam Turbine Market

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About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.

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